People’s Assembly of Syria increases the amount of loans granted for the creation of social housing
The People’s Assembly of Syria approved a project decree amending Article / 8 / of Legislative Decree No. 46 of 2002 on the ownership of social housing. The changes concerned the amounts of loans granted to the General Housing Establishment (GHE), as well as interest rates.
Under the amendment, the Syrian Ministry of Finance (the Public Debt Fund) can grant GHE an annual loan of up to 5 billion Syrian pounds (nearly one million and 715,000 USD), with an interest of 1% for the establishment of housing units for state employees. . The amount will be allocated in the annual investment budget of GHE, the local pro-government newspaper al-Watan reported Jan. 21.
Prior to the amendment, Article / 8 / provided that the Ministry of Finance (the Public Debt Fund) could grant GHE interest-free loans for the construction of housing units for workers for an amount of up to 300 SYP million (approximately USD 103,000) per year.
The black market exchange rate of the US dollar against the Syrian pound reached SYP 2,915 for selling and SYP 2,895 for buying, according to the Syrian pound today (a website for tracking Syrian pound and foreign currency exchange rates).
Decree No. 46 regulates the provisions relating to real estate ownership and social housing established by the Higher Committee for Social Housing.
Last December, the GHE announced the allocation of housing units for subscribers in youth, worker and alternative housing projects. It has also allocated housing to subscribers of home savings schemes, to the government housing program, as well as to occupants of informal housing in several Syrian governorates.
On January 4, GHE General Manager Ayman Mutlaq spoke of the delay in delivering homes to subscribers of alternative housing projects. He said subscribers do not have the right to hold the establishment responsible for the delay or to take legal action against it.
The ongoing conflict in Syria has contributed significantly to the delay in the delivery of alternative housing; yet there are other reasons related to land, implementation and studies, Mutlaq told the al-Madina FM local radio.
The Syrian housing sector faces several challenges, especially in housing projects for young people and workers. Subscriptions for these projects started before the revolution and have been delayed due to the repercussions of the security situation in Syria.
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